The Swede, who has already seen his management company file for bankruptcy, is according to reports being sued by his ex wife Magdalena Graaf for £185k.
However, Hedman claims he cannot pay and told the paper: "I swear I have no more money, there is nothing left.
"People think the cash footballers earn is a never-ending treasure chest. "But in a flash it's all gone. "You can call me penniless or destitute - but I have wonderful children and friends. In my world, that will always be enough."
His lawyer Eva Kornhall added: "Since Magnus lost his job at TV4, his financial situation has been precarious.
"He cannot pay any more. His ex-wife has already received more than she should have. "He should have saved more but he lent money to friends and also maintained his wife's lifestyle."
Picture copyright of Footy Mad